NEXT SCIENCE, acquired Dandi Bioscience
Involvement of immunity and infection experts ... Development of anti-cancer immunity enhancer and sepsis treatment
NEXTSCIENCE will acquire Dandi Bioscience and make bio business in earnest.
NEXTSCIENCEannounced on May 5 that it will acquire 57.08 percent of Dandi Bioscience for 6.36 billion won. Of the acquisition price, KRW2.8bn will be paid in cash and KRW3.5bn will be issued in convertible bonds (CB).
Founded in April, 2016, Dandi Bio is a company founded by Park Young Min, professor at Konkuk University, who served as president of the Korean Immunological Society. Immunology, infection experts Yim Yong Taek, Choi Wan Soo and Seung Hyun Lee participated as founders.
Dandi Bio is developing anti-cancer immunity enhancers, sepsis, high-risk influenza, rheumatoid arthritis, and alcohol absorption inhibitors.
NEXT SCIENCE highlighted an immunosuppressant target drug delivery platform and an immunity enhancer pipeline to increase the applicability of immunotherapy drugs. The company said it aims to develop drugs that can improve the patient's therapeutic adaptability of immunotherapy drugs.
NEXT SCIENCE plans to acquire Dandi Bio and raise its stake to 70% through additional rights offering.
Professor Park Young-min said, "The potential for bio-business grows when we approach in the mid- to long-term visions, not clinging to short-term results," and added “I decided to become a partner because I deeply sympathized with the way the Chairman of HLB, Jin Yang Gon, viewed and supported the bio business.”
Meanwhile, NEXT SCIENCE said that the acquisition of Dandi Bio is not likely to be linked to the business of HLB.
"The knowledge, experience, network and pipeline of Dandi biomedical scientists are synergistic with the existing biotechnology business of HLB," said Kim Wook, a senior vice president of NEXT SCIENCE. “I expect it to come out soon”, he said.